On Jan 17, Reuters reported that advocates and holders of cryptocurrencies are anticipated to wield influence on U.S. policy regarding this emerging technology, following numerous nominations and advisory appointments by the incoming President. The cryptocurrency industry, after years of legal battles with the U.S. government, is hopeful that the new administration will represent a turning point.
Key officials are making commitments, with some pledging to divest their interests. In the midst of this, the industry is gearing up for a prestigious black-tie event in Washington, with tickets priced between $2,500 and $10,000. Notably, David Sacks, Trump's appointed artificial intelligence and crypto czar, is expected to attend this event.
Among the incoming administration and Trump's inner circle, key members have expressed positive views on cryptocurrencies. For instance, Trump's nominee for Treasury Secretary, a billionaire hedge fund manager, has shown support for crypto, stating that "Crypto is about freedom and the crypto economy is here to stay." Similarly, Trump's pick for Secretary of Commerce, the CEO of Cantor Fitzgerald, has professed his support for bitcoin.
Elon Musk, appointed by Trump to oversee cost-cutting efforts, has long been an advocate for cryptocurrencies including bitcoin and dogecoin. His influence on the crypto market has been evident, with Tesla's significant holdings and trades in digital assets. Additionally, working alongside Musk at the Department of Government Efficiency is a former presidential candidate and entrepreneur, heading Strive Asset Management, which integrates bitcoin into investment portfolios.
Tasked with creating a legal framework for the U.S. crypto industry is former White House official Sacks, who is also a venture capitalist investing in crypto firms. Another notable figure in Trump's transition team, real estate tycoon Witkoff, founded World Liberty Financial, a crypto venture. Eric Trump, actively involved in World Liberty, envisions the U.S. as a crypto capital under his father's administration.
Moreover, Vice President-elect Vance and his venture capital firm Narya have shown interest and investments in the crypto sector. Vance's firm has made strategic investments in companies promoting cryptocurrency adoption. Meanwhile, appointed SEC Chair Atkins is expected to adopt a more lenient stance on crypto regulation compared to his predecessor.
Overall, the text highlights the evolving landscape of crypto policy and its intersection with key figures in the incoming administration in the United States.